BRAC Bank to provide country’s first Digital SME Loan to merchants of aamarPay

BRAC Bank has signed a memorandum of understanding (MoU) to provide the country's first digital SME loan to thousands of merchants of aamarPay, reads a press release.

AamarPay is leading online payment gateway and fintech company offering payment gateway solution for SME and large enterprises.

Under the partnership, BRAC Bank will provide the country's first digital SME Loan 'Shafollo' and digital micro loan 'Jibika' to the micro merchants of aamarPay across the country. With digital loans, the entrepreneurs will be able to avail paperless instant loan 24/7.

The objective of the collaboration is to leverage on BRAC Bank's extensive SME network to cater to the ever-growing smallholder entrepreneurs engaged in ecommerce and emerging business fields at grassroots level across the country.

Syed Abdul Momen, Deputy Managing Director and Head of SME Banking, BRAC Bank, and Ishtiaque Sarwar Managing Director, aamarPay, signed the agreement at the bank's head office in Dhaka on November 21, 2023. Senior officials of BRAC Bank and aamarPay were present at the signing ceremony.  

Commenting about the collaboration with aamarPay, Syed Abdul Momen, said: "BRAC Bank has always been focused on SME financing with a broader vision of financial inclusion. Our digital and micro loans are playing a significant role in bringing the unbanked small entrepreneurs under a formal banking system facilitating national development. This partnership will provide easy access to credit using digital tools to the grassroots entrepreneurs helping them create market and solidify business. We will continue to adopt digital solutions to cater to provide more convenience to the SME customers."